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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF

Ethereum Price Breaks $2,000 As The Bulls Take Over Crypto Market

Aayush Jindal by Aayush Jindal
5 months ago
in ETH
Reading Time: 2 mins read

Ethereum price is up over 7% and trading above $2,000 against the US Dollar. ETH gained pace after XRP jumped over 80% and cleared $0.90.

  • Ethereum is up over 7% from the $1,850 support zone.
  • The price is trading above $1,980 and the 100-hourly Simple Moving Average.
  • There was a break above a key contracting triangle with resistance near $1,885 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further toward the $2,050 and $2,120 resistance levels.

Ethereum Price Aims Higher

Ethereum’s price remained well-bid above the $1,850 zone. ETH started a decent increase after XRP surged over 50%. There was a move above the key $1,890 resistance zone. Many altcoins, including MATIC, SOL, BNB, and ADA gained handsomely in the past few hours.

There was also a break above a key contracting triangle with resistance near $1,885 on the hourly chart of ETH/USD. The pair gained over 7% and even surpassed the $2,000 resistance zone. A high is formed near $2,027 and the price is now consolidating gains.

Ether is trading above $1,980 and the 100-hourly Simple Moving Average. It is also well above the 23.6% Fib retracement level of the upward move from the $1,865 swing low to the $2,027 high.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, immediate resistance is near the $2,025 level. The first major resistance is near the $2,050 zone, above which the price could rise toward the $2,120 resistance zone. The next major resistance is near the $2,200 level. Any more gains could send Ether toward the $2,250 resistance or even $2,350.

Are Dips Limited in ETH?

If Ethereum fails to clear the $2,025 resistance, it could start a downside correction. Initial support on the downside is near the $2,000 level.

The first major support is near the $1,980 level, below which the price might test the $1,945 level. It is close to the 50% Fib retracement level of the upward move from the $1,865 swing low to the $2,027 high. The next major support is near the $1,905 level. Any more losses could send Ether toward the $1,865 support level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,945

Major Resistance Level – $2,050

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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